The FannieMae HomePath loan is for homes currently owned by Fannie. The biggest draw to this type of financing is that there is no appraisal required since Fannie already owns the property and has set the sales price. Also to the buyers advantage is the fact that many of these homes are priced under market value, so purchasing such a property gives the buyer built-in equity immediately!
You can find current listings in your area at www.homepath.com
Currently there are 10 active HomePath listings in Concord, CA and 5 properties "coming soon." There are 8 properties under contract. The home prices range from $71,875 to $379,000.
Purchases closed before May 1, 2010 will receive a 3.5% incentive from FannieMae for closing costs. With no appraisal required Diversified Mortgage can close your loan in as few as 15 days.
For more info on the HomePath loan, see my previous post here.
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